UPI transactions: PhonePe continues to dominate, says report

PhonePe continues to dominate and remain a market leader for UPI transactions as its market share alone in terms of total value stood at 49.8% in June 2023.
PhonePe
PhonePe

BENGALURU: PhonePe continues to dominate and remain a market leader for UPI transactions as its market share alone in terms of total value stood at 49.8% in June 2023, according to Worldline's India Digital Payments Report H1 2023. Both Google Pay and Paytm retained second and third positions.

With 3,266.8 million transactions in June 2023, Google Pay retains its second position, followed by Paytm with 1,197.3 million transactions.

The three UPI apps together accounted for 95.68% of all transactions in June 2023 compared to 94.55% a year ago. Also, Paytm Payments Bank is the top UPI beneficiary bank with 11.6 billion transactions.  Google Pay and PhonePe are using the rails of other banks, the report added.

The report also revealed that the average ticket size (ATS) for UPI Person-to-Merchant (P2M) transactions which was Rs 885 in January 2022 has reduced to Rs 653 in June 2023, and this indicates that UPI is being increasingly used for micro transactions.

The report also said that in H1 2023, frequently visited in-store merchant categories such as grocery stores, restaurants, service stations, clothing stores, government services, pharmacies and hospitals accounted for around 65% in terms of volume and nearly 50% of the total transaction value.

Correction: An earlier version of the article had claimed that Paytm had overtaken Google Pay. The error is regretted.

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